Galp refining margins more than triple to record high in Q3

Galp reported a significant increase in its refining margins for the third quarter, reaching a record 33.8 dollars per barrel of oil equivalent. This figure represents a more than threefold increase compared to the 9.5 dollars recorded during the same period last year and more than doubled the 16.8 dollars from the previous quarter.

The surge in margins is attributed to global fuel supply constraints driven by conflicts in the Middle East and Ukrainian attacks on Russian refineries. In its upstream segment, Galp saw a 14% year-on-year increase in average production, reaching 131,000 barrels of oil equivalent per day.

In the natural gas sector, supply and trading volumes grew by 26% compared to the same period last year, reaching 21.4 terawatt-hours. Additionally, the company reported a 37% increase in electricity sales and a 64% increase in installed renewable energy capacity, totaling 2.7 gigawatts.